Today's eurozone preliminary CPI was up 9.1% y/y compared to 9.0% expected led by a 38% rise in energy prices. That was the final straw for Goldman Sachs, which also cited 'upside risks to near-term growth(?)'.
Even as the odds of a 75 bps hike have risen, policymakers are continuing to deliver hawkish talk. That's a strong sign that an agressive hike is coming.
The decision is Sept 8 and will be the highlight on next week's economic calendar.
